A very though-provoking string, my friends. Thanks, Theophilus, for bringing this up.
I think the key to the whole "omni" thing is that Yahweh cannot be what He is not. He can't be both of two mutually exclusive alternatives. He cannot personify chaos, confusion, contradiction, or nonsense. He cannot act out of character. So the key to demystifying the apparent gaps in God's omnicience, omnipotence, omnipresence, and so on, is to identify His character traits. These are revealed by what He says about Himself, what He has done, and most intriguingly, what He has told us to do---that is, what He considers to be good. So we learn first and foremost that Yahweh is "holy," that is, set apart from His creation, unique and perfect, and rendered unable by this nature to coexist with sin.
Next we are told that "God is love." And how does He define that? "Love suffers long and is kind; love does not envy; love does not parade itself, is not puffed up; does not behave rudely, does not seek its own, is not provoked, thinks no evil; does not rejoice in iniquity, but rejoices in the truth; bears all things, believes all things, hopes all things, endures all things. Love never fails." (I Corinthians 13:4-8)
If love is patient, then we know why God doesn't squash us like bugs the first time we sin: He's giving us time to find Him. If it's kind, we know that Yahweh doesn't wish to harm anyone. If it does not envy, we can deduce that He lacks nothing---He can't be bought off. If love isn't proud or arrogant, we know for certain Yahweh isn't insecure---He knows Who He is and what He can do. If love doesn't behave rudely, we can understand why Yahweh doesn't throw His weight around---He (irrationally, perhaps) cares what we think. If love does not seek it's own, then it's objective is to benefit others. Furthermore, we are being told that Yahweh will not force His will upon us. Choice is our prerogative.
If love is not provoked, we know God will unfold his plan of redemption according to His own schedule, unshaken and unimpressed by the atrocities we commit along the way. If love thinks no evil and doesn't rejoice in iniquity, we are being assured that God will not stoop to our level, no matter how much we deserve it. But if love rejoices in the truth, it means that Yahweh will never lie to us. If it bears, believes, and hopes all things, we are being given the reason why justice plays second fiddle to mercy in God's economy. When love endures all things, we're given insight into how an omnipotent God could voluntarily shed glory, power, and even dimensions to sacrifice Himself on our behalf. And finally, if love never fails, then we can rest assured that the outworking of Yahweh's character---holiness and love---will achieve the result He ordained from the foundation of the world: our fellowship with Him for eternity.
So how does all of this shed light on the question of what limits Yahweh? On the touchy issue of "universal love," we observe that God provided all the love we need up front. But He (ever in character) lets us decide what to do with His love---embrace it, ignore it, or reject it. Is God omnipresent? Yes, with the caveat that our choice is allowed to overrule even this. He therefore has created a "place" where He Himself chooses not to go, out of respect for our right to choose to reject His love. Is God omnipotent? Only insofar as our right to choose is not abridged: He cannot and will not violate His own character. We need to comprehend, however, that any limitation to Yahweh's power is self-imposed.
Robskiwarrior writes, "surely door number 3 is a need for justice rather than a lack of love." I think maybe it's neither. Though "love rejoices in truth," and truth is closely akin to justice, I don't think God is particularly interested in dispensing justice. Yes, in His world, justice will happen, but it's the effect, not the cause. Door number 3---conscious emotional and spiritual torment for eternity---is merely the result of someone choosing to go there. Yahweh is "not willing that any should perish," but as we read, "love seeks not its own."
kp